Coinbase gets Singapore approval for its cryptocurrency service

Coinbase gets Singapore approval for its cryptocurrency service

The Monetary Authority of Singapore has granted Coinbase COIN Singapore a major payment institution license.

The payment token service is available in Singapore following their initial initial in-principal approval and allows them to offer Digital Payment Token services.

Cryptocurrency industry has been thriving in Singapore for a long time. 25 percent of locals believe cryptocurrency is the future of finance, per a survey released by Coinbase.

Coinbase recognized Singapore's strategic importance, adding funding methods and SingPass for a simplified onboarding process.

By reducing fees, Coinbase has madeUSD Coin USDC/USD purchases using SGD more accessible.

Coinbase's influence in Singapore extends beyond the Web3 ecosystem, making its presence in Singapore a key part of the larger Web3 community.

Over 15 investments have been made from Coinbase Ventures in the region and have collaborated with local organizations such as, Blockdaemon, and Infura.

Coinbase said they have also been involved with the community by sponsoring Ethereum ETH/USD Singapore and conducting seminars at universities like the National University of Singapore.

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